Permian Resources Correlations

PR Stock

USD 14.17 0.04 0.28%

The current 90-days correlation between Permian Resources and Devon Energy is 0.78 (i.e., Poor diversification). The correlation of Permian Resources is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Permian Resources Correlation With Market

Modest diversification

The correlation between Permian Resources and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Permian Resources and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Permian Resources. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

To learn how to invest in Permian Stock, please use our How to Invest in Permian Resources guide.

Moving together with Permian Stock

0.76	LB	LandBridge Company	Pair Corr
0.66	SD	SandRidge Energy	Pair Corr
0.85	SM	SM Energy Earnings Call This Week	Pair Corr
0.69	VTLE	Vital Energy Earnings Call This Week	Pair Corr
0.71	EONR	EON Resources Symbol Change	Pair Corr
0.87	FANG	Diamondback Energy Earnings Call This Week	Pair Corr
0.85	BSM	Black Stone Minerals Earnings Call Tomorrow	Pair Corr
0.74	BTE	Baytex Energy Corp	Pair Corr
0.7	CNQ	Canadian Natural Res	Pair Corr
0.71	COP	ConocoPhillips	Pair Corr
0.85	DVN	Devon Energy	Pair Corr
0.86	EOG	EOG Resources Earnings Call This Week	Pair Corr
0.87	EPM	Evolution Petroleum	Pair Corr
0.64	GFR	Greenfire Resources	Pair Corr
0.81	HES	Hess	Pair Corr
0.71	KOS	Kosmos Energy	Pair Corr
0.78	MGY	Magnolia Oil Gas	Pair Corr
0.69	MUR	Murphy Oil	Pair Corr

Related Correlations Analysis

	PXD	DVN	EOG	CTRA	RRC	SWN	EQT	CRK	VTLE	SM
PXD		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	PXD
DVN	0.0		0.93	0.4	0.14	0.0	0.04	-0.16	0.51	0.92	DVN
EOG	0.0	0.93		0.66	0.42	0.0	0.34	0.1	0.71	0.8	EOG
CTRA	0.0	0.4	0.66		0.92	0.0	0.9	0.74	0.89	0.25	CTRA
RRC	0.0	0.14	0.42	0.92		0.0	0.96	0.9	0.83	0.02	RRC
SWN	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	SWN
EQT	0.0	0.04	0.34	0.9	0.96	0.0		0.84	0.75	-0.13	EQT
CRK	0.0	-0.16	0.1	0.74	0.9	0.0	0.84		0.68	-0.2	CRK
VTLE	0.0	0.51	0.71	0.89	0.83	0.0	0.75	0.68		0.46	VTLE
SM	0.0	0.92	0.8	0.25	0.02	0.0	-0.13	-0.2	0.46		SM
	PXD	DVN	EOG	CTRA	RRC	SWN	EQT	CRK	VTLE	SM

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

EQT	+ 0.96	RRC
EOG	+ 0.93	DVN
SM	+ 0.92	DVN
RRC	+ 0.92	CTRA
EQT	+ 0.9	CTRA
CRK	+ 0.9	RRC

High negative correlations

SM	- 0.2	CRK
CRK	- 0.16	DVN
SM	- 0.13	EQT
SM	- 0.0	SWN
VTLE	- 0.0	SWN
CRK	- 0.0	SWN

Risk-Adjusted Indicators

There is a big difference between Permian Stock performing well and Permian Resources Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Permian Resources' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PXD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DVN	1.51	(0.16)	0.00	(0.45)	0.00	0.00	2.51	(3.27)	6.64
EOG	0.95	(0.05)	0.00	(0.16)	0.00	0.00	1.74	(2.61)	5.82
CTRA	1.29	0.19	0.10	1.32	1.54	(1.27)	3.02	(2.84)	7.67
RRC	1.53	0.26	0.13	1.12	1.77	(1.69)	4.31	(2.75)	13.12
SWN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EQT	1.68	0.41	0.18	1.90	1.96	(1.98)	5.12	(2.59)	16.42
CRK	2.63	0.57	0.18	(9.82)	2.77	(2.90)	6.84	(4.49)	19.21
VTLE	1.99	0.17	0.07	0.34	2.37	(2.16)	4.42	(4.48)	10.36
SM	1.64	(0.16)	0.00	(0.53)	0.00	0.00	3.04	(4.17)	9.62

Permian Resources Corporate Management

Charles Osborn	VP Officer	Profile
Jamie Wheat	VP Accounting	Profile
Will Ellison	Vice Midstream	Profile
John JD	Executive Counsel	Profile
James Walter	Director CoCEO	Profile
Brent Jensen	Senior Officer	Profile
William Weidig	Vice Treasurer	Profile

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